Big news for EPFO members! The Employees' Provident Fund Organization (EPFO) is set to roll out banking-like services for Provident Fund (PF) accounts by mid-June 2025. This will allow members to withdraw money instantly and access various digital services seamlessly.
The Centralized IT-Enabled System (CIETS 2.01) and EPFO 3.0 are expected to be completed by March 31, 2025. After successful trials, EPFO members will experience bank-like features in their PF accounts.
✔ Withdraw Fixed Amount Anytime: Members can withdraw funds instantly, similar to a bank.
✔ Online Services Expansion: Employees will soon be able to increase contributions online and access other digital facilities.
✔ Simplified Verification Process: Unnecessary verifications will be eliminated to ensure faster partial withdrawals.
✔ Faster Claim Settlement & Pension Disbursement: The reforms will make pension payments seamless and claim settlements quicker.
✔ Aadhaar-Based Payment System (ABPS): Pension disbursements will be linked to Aadhaar, ensuring a secure and efficient process.
🔹 Higher Pension Update: EPFO is updating applications related to pension on higher wages following the Supreme Court’s November 4, 2022 decision.
🔹 Expected Completion Date: The application update process will be completed by March 31, 2025.
With the EPFO 3.0 system, members will enjoy instant PF withdrawals, easier claim processes, and seamless pension payments. This marks a major digital transformation for EPFO, improving convenience for millions of employees across India.
